沪深300股指期货推出后对我国A股市场的影响分析

沪深300股指期货推出后对我国A股市场的影响分析

文档编号:GM789 文档字数:11871.页数:18

内容摘要

股票指数期货，简称股指期货，是一种以股票指数作为标的物的金融期货合约，即在未来某个特定日期，合约双方根据预先约定的价格，买进或卖出约定数量的股票指数的一种标准化协议。股指期货属于金融衍生工具之一，它是依赖股票指数进行交易的，采用保证金制度，每日清算，现金交割。
目前，我国已经推出沪深300指数，开始了以沪深300指数为标的的期货合约的模拟交易，并准备正式推出沪深300股指期货。在此背景下，研究沪深300股指期货推出后对我国A股市场的影响有重要意义。
本文由五个部分组成。第一部分为引言部分，主要阐述本文的选题意义和研究内容；第二部分概述股指期货的定义和特征、股指期货的市场功能；第三部分介绍了沪深300指数及沪深300股指期货的合约设计与评价；第四部分通过借鉴国外的实证结果和经验，分析沪深300推出后对我国A股市场的影响；最后得出结论，并提出自己的观点。

关键词：沪深300指数、股指期货、影响

ABSTRACT

Stock index futures are defined as a kind of financial futures contracts which is marked by stock indices. That is a standard contract to buy or sell a certain volume of stock index, according to the appointed price, at appointed time in the future. Stock index futures are known as financial derived tools. Their transactions are dependent on index, and adopt margin system, daily clearing, and cash settlement.
After the Shanghai and Shenzhen 300 index was promulgated in 2004, the simulative exchange of the stock index futures, arising in the Chinese security market. And the Chinese government is striving to enact the first stock index futures, based on Hu-Shen 300 index. So, the research on the effect of stock market after Hu-Shen 300 stock index futures promulgate is significant.
Five parts composed this thesis. The first part is introduction. It mainly introduces the subject background and frame of this article. The second part says the definition and characteristic of the Stock Index Futures, the market function of the Stock Index Futures. The third part is on the Hu-Shen 300 index and Hu-Shen 300 stock index futures design and evaluation. In the forth part, it analyzes the Hu-Shen 300 stock index futures influence on A stock market through the global current situation of the Stock Index Futures overseas. In the last part, there are a conclusion of this thesis and my suggestion.

KEYWORDS: Hu-shen 300, Stock Index Futures, Influence

正文目录
引言………………………………………………………………………1
选题意义……………………………………………………1
研究内容……………….……………………………………………….1
第二章股指期货概述.2
第一节股指期货的概念和特征……………………………………………………2
一、股指期货的概念…………………………………………………………………2
二、股指期货的特性………………………………………………………………….2
第二节股指期货的市场功能……………………………………………………….3
一、价格发现功能…………………………………………………………………….3
二、套期保值功能……………………………………………………………………3
三、套利功能…………………………………………………………………………4
四、投机功能…………………………………………………………………………4
第三章沪深300股指期货概述…………………………………………….5
第一节沪深300指数的介绍………………………………………………………5
一、指数选样………………………………………………………………………….5
二、沪深300指数的行业代表性…………………………………………………….5
三、沪深300指数和市场整体的相关性…………………………………………….6
四、沪深300指数的可投资性……………………………………………………….6
第二节沪深 300 股指期货合约的设计……………………………………………7
第三节沪深300股指期货合约的评价……………………………………………8
第四章当前我国推出股指期货交易对A股市场的影响分析……….10
第一节股指期货推出前后对股市波动性的影响………………………………10
第二节推出股指期货对股票现货市场的资金量和交易量的分流……………14
第三节推出股指期货对市场主体结构的影响…………………………………15
第四节推出股指期货对大盘股的影响…………………………………………16
第五章结论……………………………………………………………………17
参考文献……………………………………………………………….…18